• AVAX holders can vote on changes made on the Avalanche network
• Avalanche plans on launching its own metaverse
• Using eToro is the cheapest way to purchase Avalanche
• Upcoming Ethereum network updates might have an effect on Avalanche prices

Avalanche is an open-source proof-of-stake blockchain that adapts smart contract functionality. Being a decentralized network Avalanche is not run by any single entity and most majority decisions are made by those who hold AVAX tokens. Avalanche was created with the same goal as some other major networks and that is to offer services similar to the Ethereum network but with better scalability and lower fees. They have managed to achieve this feat, and they took the top steps in the crypto world among other successful projects. Avalanche can be used by developers to build different projects in the decentralized world. Projects such as Chain.link, Securitize.io, and Injective are all built on the Avalanche network. Avalanche also revealed recently that they have acquired funds of $290 million with a goal to develop their own metaverse. Avalanche native token AVAX is the 22nd largest crypto token by market capitalization of $3.5 billion. Currently, it trades for $11 and has a circulating supply of 300 million tokens. Just like Bitcoin, AVAX has a max supply cap of 720 million tokens, which means there can only be 720 million tokens minted.

There are multiple ways a person can purchase Avalanche. We can visit centralized exchanges and simply acquire AVAX using payment methods such as credit cards. There are also options for decentralized exchanges, but here we will need to own a crypto wallet with other cryptocurrencies on it. Lastly, we can simply find a person who is selling AVAX tokens and purchase tokens directly from them. Out of all these options, using the services of centralized exchanges is the most simple and fast way we can acquire AVAX. This is an easy process and here we will tell you all you need to know.

Choose an exchange

Our first step on our journey of acquiring AVAX is to choose which exchange we should be using. The initial phase of filtering out exchanges can be easily done based on which exchanges are providing services for our country. Once this list is finalized, it is here when we need to start thinking more thoroughly. You can purchase AVAX on most exchanges since it's one of the biggest cryptos, but not every exchange will be offering the same services. Since crypto exchanges are a somewhat new concept except for a few functions, these exchanges don’t have anything standardized. Because of this, we need to carefully decide what we plan on doing with our AVAX tokens and what aspect of exchange we prioritize. We might want low purchase fees, some might prioritize trading features of the exchange, while others might wish for high security. Once we decide on that, we can choose the exchange that we will be using.

Create an exchange account

Once we set our eyes on the exchange that we will be using since these exchanges are centralized entities we will need to open our personal accounts in order to use their services. This process is what most exchanges agree on, and it’s similar in every exchange with only minor differences. When creating our account exchanges will ask us to provide personal information about ourselves, such as email address and residential address. It will also ask for our email address and mobile phone number. These exchanges are being regulated by different government agencies and because of this, they will also ask us to upload some necessary documents in order to prove our identity.

Purchase AVAX

When this registration and verification process is completed, we will be able to purchase AVAX. for this, each exchange will give us a few deposit options depending on our country of residence. These deposit options will have different fees and deposit completion times. This should also be one of the determining factors when choosing an exchange. 

There are also possibilities of purchasing AVAX by using other cryptocurrencies, but if we already hold some tokens it might be a better option to visit decentralized exchanges instead.

As we mentioned above there are many different exchanges that offer different services when it comes to purchasing AVAX. We need to carefully consider which exchange fits our needs the best. Here we will go over some of the exchanges and why are they the best option for purchasing AVAX when it comes to specific aspects.

eToro - Best exchange for purchasing AVAX with low fees

If you trade stocks or CFDs, you might be familiar with eToro. But if not, this is a social trading platform where alongside crypto, you can trade with stocks and CFDs. What makes eToro an attractive option for purchasing AVAX is the nonexistence of deposit fees on eToro when using any deposit option. The only fee you have to pay are AVAX purchase fee which is 1% of the purchase price. This exchange is a user-friendly exchange where newcomers will have an easy time finding their way around. One thing that needs to be taken into consideration is that eToro has a minimum account activation deposit of $50, which means that your first deposit should be at least $50 in order to be able to purchase AVAX. Here is how you can get started on eToro.

Create eToro account

Our first plan of action should be to simply register our personal eToro account. This can simply be done by connecting our existing Google, Apple, or Facebook accounts. Alternatively, we can use our email address. You will also need to come up with a unique username as well as a strong password. The eToro will send us a confirmation email to finish our registration.

KYC verification

After our account is registered, we can not simply purchase Avalanche. To be able to do that, we will need to pass the identity verification process required by eToro. For this, we will need to provide information about our residential location and some other personal information such as occupation, average income, and similar stuff. Once we enter this information, we will need to take a photo of our government-issued ID, Passport, or Driving License. After this, eToro will start the verification process which can take up to 3 business days.

Buy Avalanche

Finally, this is when our mission will come to an end. To purchase Avalanche we will need to go to the explore section of cryptocurrencies. There we can go through the list of find AVAX using a search bar. When we select AVAX we will be given an option to deposit funds into our account and once we do that, we will be able to purchase our desired amount of AVAX tokens.

Binance - Best exchange for trading with Avalanche

The biggest crypto exchange in the world is widely considered the best crypto exchange for trading. Binance offers a wide range of trading options for AVAX. Here you can trade on the spot market, use leverage, and even have futures contracts of AVAX. It also has low trading fees that go up to just 0.1% and with high trading volumes, it can even go much lower. There is also a possibility to swap AVAX tokens for any other token with no additional fees using Binance Convert, this process can also be done the other way around. The process of stating on Binance is somewhat similar to eToro, but we will still go over it.

Register Binance account

Registering a Binance account is a simple and fast process. When we click the Register button we will be given the option of registering using the email address or phone number. When we choose one of the options we will need to enter the password we wish to use and complete the registration by the code sent to either the email address or the phone number. 

Verification

Just like eToro, we will need to verify our identity in order to use their full services. This registration process is also something that should not take a long time. When passing KYC verification we will need to enter our name and surname along with the date of birth. We will also need to provide residential information as well as government-issued documents that prove our identity and are accepted by Binance. After this, Binance will take up to 24 hours to complete the verification process but in general, it should take way less. 

Purchase Avalanche

We can purchase Avalanche on Binance by going to the Buy Crypto section which we can find at the top menu. When we hover over this section the list will fall down where we can see the payment methods that we can use. There we will simply select how much we wish to deposit and Binance will tell us how many AVAX tokens we will receive after fees and taxes.

Cex.io - Exchange with the best Avalanche staking option

Cex.io is one of the oldest exchanges in the world. Founded in 2013 this is one of the most secure exchanges with one of the cleanest records out of all the crypto exchanges. They have transparent services and you will be able to find everything you need in a really fast manner. What makes Cex.io a good place to purchase Avalanche is the staking option it provides. Cex.io might not have the highest APY for Avalanche, but when it comes to flexible staking their 5% APY is certainly the best out of every exchange. Most exchanges will ask you to lock your tokens for a certain period of time, while Cex.io does not require you to do that and you are able to withdraw your tokens whenever you want. To start using Cex.io services you will need to follow the following steps.

Create personal account

This process can be done within a few minutes. When registering our account, we will need to enter our email address, password, and the country we reside in. After this Cex.io will send us the confirmation email which we will need to visit in order to finalize the registration.

Identity verification

Just like any centralized exchange which is being regulated by government agencies, Cex.io requires users to pass identity verification in order to comply with the law. The first step for this verification is to turn on two-factor authentication using our mobile number. After this, we will need to provide our personal information. Once this is done we will need to upload the required documents in order to finish the verification process. There is one small difference compared to other exchanges, as Cex.io also requires selfy of us holding our ID card and a piece of paper that has our information written on it along with the Cex.io verification written on it. Cex.io will then take a few minutes to verify our information.

Acquire AVAX

When verification is finished and limitations have been removed from our account we will be given the opportunity to purchase Avalanche. There will be a section at the top right menu, once we hover over this section, which initially will most likely say Spot trading, we will see the Instant Buy option, and here is where we will be able to purchase Avalanche using the payment option of our choosing.

There is one thing that many newcomers might think, and that is that it is better to keep tokens there where we purchased them. This might be true in some cases, for example, if you are purchasing Avalanche on Binance in order to trade with it you have to keep tokens there. But if we are purchasing tokens on the exchange and we can not give it any utility while we store them there it might be better to move them somewhere else. Here are a few examples of where you can keep your AVAX tokens.

Crypto.com - Most secure exchange to keep our AVAX tokens

If you are looking for an exchange to store your tokens securely Crypto.com is one of the best options available. Crypto.com was created with security in mind, they use military-grade security protocols to ensure users' funds are kept safe. It also has many different insurance policies in place to ensure that traders will be compensated if there were somehow breach in security. Along with keeping your tokens safe and secure, you can also stake them on Crypto.com, but with considerably lower APY compared to Cex.io.

Ledger Nano X - Hardware crypto wallet to store AVAX tokens

If you want to make it practically impossible for someone to gain access to your tokens, using a hardware wallet is a must. Ledger Nano X is one of these hardware wallets and is a good option to keep your tokens safe. This wallet comes in the form of a USB stick which is disconnected from the internet. This isolation makes it impossible for someone to hack into your wallet and the only time you are connected to the internet is when you connect your wallet to your computer. If you are safe, it is impossible to be hacked while the USB is connected to your computer. You can purchase this wallet from Amazon and the official Ledger website.

There are two ways we can approach this subject. Avalanche was initially created with the goal of providing the same services as Ethereum but for much cheaper and faster. This was what catapulted Avalanche to success initially, but ever since then, Ethereum has announced its Merge and moved to a faster and less resource-demanding Proof-of-Stake protocol, making most of Avalanche's advantages seem like nothing special. But there is also an upcoming Avalanche metaverse that has huge potential for growth. It can attract new users and investors to the network and increase the value of AVAX. Because of this, if you are a believer in metaverse developments then investing in AVAX is a good profit opportunity while if you are skeptical about this upcoming digital space then AVAX might not be as attractive to you.